During October sales of single family detached homes in metro Albuquerque increased from September. So much for the seasonal trend of sales dropping as the weather gets colder.
Townhouse/condo sales followed trend, however, with 46 October sales, down three of seven percent from 49 in September.
The 566 single family detached home sales were nine percent or 49 more than the 517 sales during September.
Detached home sales were up 24% from October 2010 while townhouse/condo sales dropped 19% from October 2010.
One possible factor in the October sales jump is that 70% of the September pending sales turning into sales closed during October. By contrast, September closed sales were 59% of August pending sales. There were 785 sales pending for October, just three percent fewer than September.
Another possible factor might be the metro economy getting a little better, as I have noticed recently.
Prices for all homes continued down. Average and median prices dropped both from September 2011 and October 2010.
During October, one metro home sold for $1 million (or more). A rough guess is that a million dollar sale raises the average price by $1,450 for the month. During October 2010, four metro homes sold for $1 million, perhaps explaining around $5,000 of the $23,792 year-over-year average price drop.
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